SNDL Inc.

Good morning and welcome to the SNDL's Second Quarter 2025 Financial Results Conference Call. This morning, SNDL issued a press release announcing their financial results for the 2025 Second Quarter ended June 30, 2025. This press release is available on companies, on the company's website at sndl.com and filed on EDGAR and CDAR as well. The webcast replay of the conference call will also be available on the sndl.com website. SNDL has also posted a supplemental investor presentation in addition to the conference call presentation we will be reviewing today on its sndl.com website. Presenting on this morning's call, we have Zach George, Chief Executive Officer and Alberto Pettadero, Chief Financial Officer. Before we start, I would like to remind investors that certain matters discussed in today's conference call or answers that may be given to questions could constitute forward-looking statements. Actual results could differ materially from those anticipated. Risk factors that could affect results are detailed in the company's financial reports and other public filings that are made available on CDAR and EDGAR. Additionally, all financial figures mentioned are in Canadian dollars unless otherwise indicated. We will now make prepared remarks and then we'll move on to analyst questions. I would now like to turn the call over to Zach George. Please go ahead.

Welcome to SNDL's Q2 2025

Financial and Operational Results Conference Call. The second quarter of 2025 marks a pivotal milestone for SNDL as we report positive operating income and net earnings for the first time in our history, highlighting the effectiveness of our strategic improvement agenda. We experienced growth across all operating segments during the quarter, led by our cannabis business which expanded at nearly three times the rate of the Canadian recreational market and ahead of our direct competitors. Our liquor retail segment also posted revenue growth, albeit marginal, for the first time in several quarters. Each segment delivered -over-year gross margin expansion and on a consolidated basis, we matched the record high margin achieved in the first quarter of 2025. Our teams continue to demonstrate strong productivity improvements, including synergies resulting from the Indiva acquisition. We've maintained a disciplined focus on cost management extending to G&A expenses, including share-based compensation, which resulted in an absolute reduction of $5 million -over-year despite inflationary pressures and continued investments in growth. This robust performance gives us the confidence to continue investing in our business and people, affirming that we are on the path to delivering sustainable long-term value to our shareholders. Our operational improvements are undeniable. Coupled with a strong balance sheet, unlike many of our peers, we believe this represents a highly compelling investment thesis as we continue building a resilient and growth-oriented company. With no debt and over $200 million in unrestricted cash, we are uniquely positioned to pursue a range of high-return organic and inorganic growth opportunities. Beyond strengthening our competitive position in Canada, we are actively monitoring the United States market through our exposure to markets like Florida and Texas, while continuing to expand our international footprint. Today, we are proud to be serving patients in the UK and continental Europe through the export of both branded finished goods as well as wholesale flour. Now, I'll turn the call over to Alberto for more insights on our second quarter financial performance. Thank you, Zach. I